A pay-for-delete is a type of legal agreement in which a person or business pays a third party to remove information about them that is hosted on the third party’s website or other platform.
A pay-for-delete is a popular technique in credit repair where the consumer pays to have their debts paid off to ensure that the creditor or the collection agency does not report the same to the credit bureau. It helps to enhance the overall credit score as it eradicates negative influences.
Online Pay for Delete Letters & How it Works?
First, you list all the miscellaneous items on your credit report that you would like to be removed such as late payments, charge-offs, collections accounts, etc. Then you write a pay-for-delete letter to the creditor or collection agency offering to pay the debt provided you want it to be deleted from the credit report held by Equifax, Experian, and TransUnion.
The letter normally leaves the mode of payment and requires the creditor to respond in writing within a stated date if he is okay with the repayment offer to have the item removed. In pay for delete, if the offer is taken, the paid amount is made on condition that the creditor provides a letter showing that the item has been recalled and deleted.
So when the negative item is removed from your credit report, your credit score should increase because you’ve removed an adverse record. However, it is important to emphasize that creditors are not bound to accept offers of pay for deletions or even requests. However, it does not harm to attempt to haggle for the much-desired pay-for-delete.
Pay-for-delete letters are those letters that enable the recipient to pay an agreed amount of money and in return delete a particular message sent to him/her ELITE TIPS FOR PAY-FOR-DELETE LETTERS
1. Check your credit reports and find out the negative marks for pay for delete, usually, it is: Old and unsecured debts, unpaid bills, and collections, the best thing is to start with the largest or most recent ones.
2. Check Statute of Limitations – Negative items are removed from the credit reports after some time. There is no need for payment for the period if one has already reached that length.
3. Always include your contact information and ensure that you identify the account, whether it is an account number, or the original creditor among others to ensure that the receiver can identify and verify both you and the account.
4. Be brief, courteous, and professional - Politely message to the creditor that you are willing to make payments to clear the balance due and request the removal of the item from your credit report.
5. Allow various modes of payment - outright payment, part payment, an installment basis of 3-6 months, or negotiation for a lesser amount. Provide multiple options.
6. Provide them with a time limit to get back to you stating it should be within 30-45 days.
7. Please also remember that payment for deletion confirmation will only be made once you have sent a deletion confirmation letter. You should avoid falling prey to any scams that may exist and harm you.
8. Use certified mail for sending letters and request for a read receipt for documentation purposes.
Subject: Pay for Delete Letter Template
[Your Name]
[Your Address]
[City, State, Zip Code]
[Date]
[Name of Creditor/Debt Collector]
[Address]
[City, State Zip Code]
Re: Account Number [enter account number]
To whom it may concern:
This is a follow-up to the previous email I sent, regarding payment of the balance that I have in your company. From the credit report I obtained recently from any of the credit bureaus namely [Equifax, Transunion, etc] it emerged that I have the above account number on my credit record and I have the following unpaid balance [dollar amount].
After checking my credit, I made up my mind that I would like to pay my accounts to ensure that my credit is enhanced. To this effect, I propose to make [amount of money – full balance or discounted offer] payment to settle all the outstanding balance in this account so that it can be deleted from my credit file once and for all.
I request that as soon as my payment clears for the agreed amount on my account, I would like to receive a letter stating that this account has been “paid as agreed” with no remaining balance and that this account should be removed from my credit files with Equifax, TransUnion, and Experian. It is also important that you make the credit bureaus aware that they have to remove the tradeline completely.
You may use the above phone number [enter phone number] and/or the above email address [enter email address] to contact me on the same within 45 days from today if you are willing to take the offer. Of course, I assume that you will find my offer credible, and hence 30 days will be enough to conduct the research and come up with a response. Kindly, do let me know your action on whether to accept or reject this proposal during this period. I hope we can work to bring this account to a satisfactory conclusion so that it will not be a messy end to my financial dealings with your company.
Failure to receive any communication from your office before the 30 days’ notice, in this claim will be closed, and I will consider that you are not interested in this offer of settlement and removal in exchange for the payment in full- but you are welcome to contact me soon if you change your mind.
Sincerely,
[Your signature]
[Your Name Typed]
